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Pakistan: Use foreign debt repayments for flood-hit communities

August 17, 2010by mara.ahmed

Pakistan must refuse to pay foreign debt and divert the amount to the relief and rehabilitation of flood-hit communities. Instead of begging for much-needed aid for relief and rehabilitation, Pakistan must stand up and announce the unilateral suspension of repayment of foreign debts, owed to international finance institutions (IFIs) and donor countries. Currently Pakistan is paying about US$3 billion on debt servicing every year. Pakistan’s present foreign debt of $54 billion is increasing. This act alone can bring most of the much-need support for the immediate relief of the flood victims. Full article.